Thursday, 13 July 2017

EPIC RESEARCH MCX CRUDE OIL UPDATE OF 13 JULY 2017

Crudeoil trading range for the day is 2863-3043. Crude oil gains buoyed by data showing that supplies of U.S. crude fell by more than expected. U.S. crude inventories fell 7.6 million barrels last week, EIA said, much more than the 2.9 million-barrel crude draw forecasted. OPEC said its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led output cut.